Goldman execs defend company

Washington – (WiredPRNews.com) – Executives for Goldman Sachs testified before Congress on Tuesday, defending the company amid allegations of investment fraud. As reported by the Associated Press (AP), CEO Lloyd Blankfein and others denied wrongdoing in the national financial crisis, after a lawsuit was filed against the company by the Securities and Exchange Commission.

Blankfein is quoted by the AP as stating during the hearing, “Unfortunately, the housing market went south very quickly… So people lost money in it.” The company executive further stated, “We do hundreds of thousands, if not millions of transactions a day, as a market maker.”

As noted in the report, a bill has been put forth in Congress designed to implement stricter regulation of the financial industry. Democrats reportedly hoped more drive for the bill’s passage would be gained from the hearing; however Republicans have maintained efforts to block it from moving forward.